Frequently Asked Questions
Lease FAQS:
What is Breakdown Protection?
Breakdown protection ensures the homeowner will not have to pay out of pocket for equipment failure due to defect or part malfunction. It’s important to note that breakdown protection is contingent on regular equipment maintenance; normal wear and tear is not covered.
What Does Maintenance Involve?
Maintenance involves preventative measures to keep the equipment in good working order, similar to regular oil changes for a vehicle. Examples of maintenance for our equipment include an annual water heater flush, seasonal HVAC tune-up, replacing filters, and regular inspections. The homeowner is responsible for maintenance of the equipment. Maintenance plans can be added to your monthly payment, reach out for more about our options.
What if I Sell My House?
Our lease agreements can be transferred to the new homeowner for a $499 title transfer fee, or the remaining months of the contract can be bought out.
What is Annual Rate Escalation?
Comfort Owl strives for transparency by making homeowners aware of this industry standard escalation. Monthly payments will increase by a maximum of 3% annually, to account for market inflation throughout the lease term.
What if I Want to Buy Out Early?
You are eligible to buyout the equipment at any point during the lease term. The early buyout is calculated by multiplying the current monthly rate by the remaining months of the lease term, plus a $199 title transfer fee. Buying out early will effectively end breakdown protection coverage.
What Are My Options at the End of Term?
You have three options at the end of the term:
- Buy out your equipment for $1
- Continue paying your monthly rate to maintain your breakdown protection
- Upgrade your equipment to new more efficient equipment
General FAQS:
How Do I Qualify for Leasing or Financing?
The primary applicant must have satisfactory credit and be on title for the home and the land it resides on. A quick credit check and title check will be conducted to determine eligibility. Only one credit check is required to qualify for both leasing and financing.
Are There Additional Fees?
Provided that your account is in good financial standing, you will not incur any additional fees.
How Do I Pay My Monthly Bill?
We collect your void cheque or pre-authorized debit form, and payments are automatically debited from your bank account monthly.
Financing FAQS:
What is the Interest Rate?
Our interest rate is dependent on the current market. Please reach out for current rates.
Are There any Payment Fees?
A standard registration fee of $99.95 will be charged to your account 10 days after the loan is registered. Additional payments can be made, or the loan can be paid in full at any time without penalty.
What if I Sell My House?
You would be responsible to pay the principal owing prior to selling the home. Alternatively, our loans are transferable to the new homeowner should it be mutually agreed upon.
Are Repairs Included?
Repairs are not included. Please refer to our lease program if you are interested in breakdown protection.
What Can I Finance?
You can finance select home improvement projects or home equipment upgrades, starting at a minimum cost of $1000.
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